Dow Jumps Over 100 Points; Crude Oil Down 7%

U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 100 points on Friday.

The Dow traded up 0.36% to 30,035.06 while the NASDAQ rose 1.81% to 10,838.50. The S&P also rose, gaining, 0.64% to 3,690.19.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.9% on Friday. Meanwhile, top gainers in the sector included MINISO Group Holding Limited MNSO, up 23% and Sonder Holdings Inc. SOND up 21%.

In trading on Friday, energy shares tumbled by 5.3%.

Top Headline

Manufacturing production in the US declined 0.1% month-over-month in May, recording the first decline in four months. Industrial production increased 0.2% from a month ago in May.

Equities Trading UP

Mereo BioPharma Group plc MREO shares shot up 86% to $1.4882. AstraZeneca is rumored to be eyeing take over of Mereo BioPharma Group, according to a report in The Times.

Shares of Revlon, Inc. REV got a boost, shooting 113% to $4.1450 following a report suggesting Reliance Industries is considering buying out the company, which recently filed for bankruptcy.

Comera Life Sciences Holdings, Inc. CMRA shares were also up, gaining 31% to $4.5750. Comera was granted U.S. patent titled 'Excipient compounds for protein processing.'

 

Equities Trading DOWN

Addex Therapeutics Ltd ADXN shares tumbled 59% to $1.47 after the company terminated its Phase 2b/3 study of Dipraglurant for dyskinesia associated with Parkinson's disease due to slow recruitment. The company suspended its guidance amid the termination.

Shares of ToughBuilt Industries, Inc. TBLT were down 50% to $1.5150 after the company priced a $6 million offering.

Heart Test Laboratories, Inc. HSCS was down, falling 16% to $2.03. Heart Test Laboratories announced pricing of its IPO of 1.5 million units at a price of $4.25 per unit.

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Commodities

In commodity news, oil traded down 7% to $109.39, while gold traded down 0.5% to $1,841.40.

Silver traded down 1.2% to $21.62 on Friday while copper fell 2% to $ 4.0265.

Euro zone

European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.09%, London’s FTSE 100 fell 0.41% while Spain’s IBEX 35 Index rose 0.84%. The German DAX gained 0.67%, French CAC 40 slipped 0.06% and Italy’s FTSE MIB Index climbed 0.29%.

Annual inflation rate in the Eurozone was confirmed at a record-high level of 8.1% in May, up from 7.4% in each of the prior two months. Construction output in Italy climbed 16.9% year-over-year in April.

 

Economics

 

Manufacturing production in the US declined 0.1% month-over-month in May, recording the first decline in four months. Industrial production increased 0.2% from a month ago in May.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 87,861,130 cases with around 1,037,920 deaths. India confirmed a total of at least 43,270,570 cases and 524,810 deaths, while Brazil reported over 31,644,700 COVID-19 cases with 668,890 deaths. In total, there were at least 543,210,920 cases of COVID-19 worldwide with more than 6,338,360 deaths.